Q What is the outcome of the debt restructuring deal that the bank signed with creditors in March 2010? A The recovery notes are backed by three types of assets - the bad bank loans, $1.1 bn lost in the alleged fraud, and future tax rebates on these losses. We provisioned for losses on around 70% of the total loan portfolio, both corporate and retail loans, and the level of provisions is not growing, so we are close to beginning to share cash with creditors. We are extracting about 8% of the bad bank retail loan portfolio every month, which is about three times the rate of recoveries in 2008. On the corporate portfolio, the worst problems are with loans made to parties related to the previous shareholders, which account for about 40% to 45% of the total portfolio from 2007 and 2008.
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